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CHARLOTTE -- The Charlotte Regional Realtor Association released its January 2010 Market Activity report this week and the results show the local housing market making a slight return to more stable territory with a year-to-year increase in two important areas: closings and sale prices.

But while the numbers show an increase over January 2009, they are down from a month earlier. Closings rose 8.3 percent and average home prices jumped 6.1 percent compared to a year ago but both are down 11 percent and 5.2 percent, respectively, from December.

Charlotte Regional Realtor Association CEO Anne Marie Howard says those numbers were fully expected based on the economic situation and the understanding that January is typically a slow month.

Howard says another glimmer of hope in the January report is a 25 percent increase in the number of pending listings, or in other words, a growing number of contracts that could close soon, which could indicate growing demand in the Charlotte market.

The rise in contracts is likely due to tax incentives to buy a home. First-time home-buyers can earn an $8,000 credit and current homeowners can earn a $6,500 credit. The program was extended to include contracts submitted by April 30.

The closing deadline for the tax credit is July.